The following article discusses the career path of Investment Consultant. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Investment Consultants.
Investment consultants advise the clients of the company, which could be individuals or entire companies, on their investment portfolios. They often work for investment advisory companies or brokerage firms. In their role, they must speak to current and prospective clients, ensuring that any issues and concerns they have are resolved, thereby building strong relationships.
Investment consultants also work with clients to make suggestions on how to improve their portfolio by properly understanding their goals. They then create strategic plans to achieve those goals. All interactions they have with clients must be tracked and logged on a specialized system, which does require a degree of computer literacy.
Other job duties of an investment consultant are:
- To find and chase opportunities to help clients expand their assets
- To hold responsibility for investments by analyzing the needs and finances of their clients, and then developing financial plans and goals
- To facilitate various marketing development plans and seminars in relation to investments
- To create new sales opportunities by promoting specific services and products to potential and current clients
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 271,900 personal financial advisors in 2016, a profession category that also includes the investment consultant. The largest employers of these professionals were:
- Securities, commodity contracts, and other financial investments and related activities: 51%
- Self-employed workers: 24%
- Credit intermediation and related activities: 13%
- Insurance carriers and related activities: 5%
- Management of companies and enterprises: 3%
How to Become
Usually, a business will require an investment consultant to hold a bachelor’s degree as a minimum, preferably in a field related to business or finance. However, many have a master’s degree, and particularly the master of business administration (MBA). Additionally, an investment consultant has to hold a Series 7 and Series 63 license, and many of them are also CFAs (chartered financial analysts). At entry level, they may only need a year of experience in the financial services industry, but more experience will be required for more senior and independent positions. Furthermore, preference is given to those who are bi- or multilingual.
Typically, a bachelor’s degree is the minimum requirement for an investment consultant. The major is of lesser importance, although most do prefer law, mathematics, business, accounting, economics, or finance. They should also complete courses in risk management, estate planning, taxes, and investments.
Once on the job, these professionals also undergo further training. They start by being supervised by senior consultants. Gradually, they will work their way up to more senior positions, taking on more complex cases as they become more experienced.
If investment consultants want to sell or buy bonds, stocks, or insurance policies, or if they want to provide more specific investment advice, they have to be licensed to do so, with each product requiring its own license. They may also have to register with the Securities and Exchange Commission (SEC) or with their state regulators. Most certifications and licenses are available through the North American Securities Administrators Association.
The Certified Financial Planner (CFP) certification is particularly popular. However, they must have been employed in the field for at least three years before they can become certified. It also requires passing an examination and a commitment to adhere to a code of ethics. Those who also complete a master’s degree, and particularly the master in business administration (MBA) have the greatest chances of career advancement.
Traits & Qualities
The most effective investment consultants have the following traits to some degree or other:
- Excellent analytical skills
- Strong interpersonal skills
- Great mathematical skills
- Excellent sales skills
- Strong communication skills, particularly speaking skills
- Most Reported
Salary by State
The following section lists Investment Consultant salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, Kentucky had the largest quoted salary of $158,217 while Michigan had the smallest quoted salary of $47,687.
Top 20 National Employers
According to Indeed.com, the following states had employers looking to hire a Investment Consultant. The quoted salary figure represents the average salary from all job postings by this employer.
|Employer Name||Location||Average Salary|
|The Hanover Consulting Group Investment Consultant||Maryland||$300,000|
|Ramax Search Investment Consultant||New York||$290,719|
|Private Client Wealth Advisors, LLC Investment Consultant||Colorado||$212,500|
|Investment Property Group Investment Consultant||California||$200,000|
|Triqor Group Investment Consultant||California||$200,000|
|S.C. International Investment Consultant||Kentucky||$175,000|
|Sankala Group LLC Investment Consultant||Colorado||$157,118|
|NAI Northern California Investment Consultant||California||$150,000|
|Huxley Banking & Financial Services Investment Consultant||Massachusetts||$148,202|
|BCG Attorney Search Investment Consultant||New York||$142,302|
|Accounting Career Network Investment Consultant||California||$138,240|
|Huxley Associates Investment Consultant||Massachusetts||$132,747|
|mARTo consulting, LLC Investment Consultant||New York||$131,785|
|San Diego Financial Firm Investment Consultant||California||$129,696|
|Adecco Investment Consultant||Arizona||$120,000|
|ACCESS LLC Investment Consultant||Texas||$119,175|
|JCW Search Investment Consultant||New York||$117,984|
|Primerica Investment Consultant||Georgia||$117,745|
|Access Staffing LLC Investment Consultant||DC||$111,246|
- Investment Consultants – RSIC
- Investment Consultant | UMF
- PRI publishes investment consultant services review
|Career Name||Average Salary|
|Director of Communications||$81,076|
|Real Estate Manager||$76,119|
|Business Development Manager||$75,226|